More Boards Are Focusing on Strategy Today, Survey Says

The number of hours and days that directors dedicate to board work is increasing, according to a recent McKinsey survey. Since 2011, the gap between the number of days directors spent on board work averaged 28 per year, while they wished they would spend about 38 to fulfill their responsibilities. Today, survey results show, directors are spending about 33, sho they are edging close to their ideal amount of days.

Board members are focusing more of this time on strategy, where they say they make the biggest contributions. Even so, 52% of respondents would like to spend even more time on strategy, the survey shows.

McKinsey 1Source: McKinsey

McKinsey describes boards as falling into 3 types: Ineffective, Complacent or Striving. Of the 3, not surprisingly, striving boards are effective in 3 strategic areas: 1) setting the overall strategic direction of the company, 2) formally approving strategy as proposed by management, and 3) adjusting strategy continuously based on changing conditions.

How much time does your board spend on strategy? Has the amount of time spent on strategy gone up or down in the last three years?

If you want to stay ahead of your competition, these survey results offer a good benchmark to gauge your board’s efforts against.

Do you have a different ‘strategy’ for focusing on strategy? Give us your comments in the comment section below.


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